The quest for privacy and outdoor space defined the townhouse market in Brooklyn during 2020. Single-family townhouse closings jumped 10 percent.
Corcoran’s 2020 Brooklyn Townhouse Report surveys sales of single- and multi-family townhouses throughout the borough. In 2020, the Brooklyn townhome market felt the effects of Covid-19 and the market “pause” during the spring selling season. However, single-family townhouse closings actually increased versus both 2019 and 2018. This improvement was likely tied to buyers’ desire for more privacy and outdoor space.
Among the report’s findings:
- In 2020, overall Brooklyn townhouse closings dropped 20%. While this was a larger dip than the single-digit annual declines experienced for the past several years, it’s important to note activity varied by property type. Single-family townhouse sales actually rose 10%, marking the first year-over-year increase since 2017. Meanwhile, sales of multi-family homes fell 25% year-over-year.
- Townhouse inventory also declined for the third consecutive year. However, only the multi-family market had fewer listings. For single-family townhouses, inventory was actually 35% higher year-over-year. Despite this increase in inventory, supply could not keep pace in areas with robust demand.
- Price changes were minimal in the townhouse market in 2020. The most substantial loss in market activity was actually at the low-end under $1M where sales fell by over 30% annually. On the other hand, sales over $4M fell by less than 20% year-over-year. This dynamic drove median and average price up a slight 2% compared to 2019.